The end of the year is drawing closer, and there’s so much to do! And we’re not talking holiday shopping here—it’s tax time again! As you collect all the documents and paperwork you need in order to file your taxes properly, don’t forget to file your Homestead Exemption.
According to Illinois law, this annual exemption is available for any residential property that is occupied by its owner or owners as their principal dwelling place, or that is a leasehold interest on which a single family residence is situated, which is occupied as a residence by a person who has an ownership interest therein, legal or equitable or as a lessee, and on which the person is liable for the payment of property taxes. In plain English, this means you can file for the Homestead Exemption if you are living in your own home, or renting out your home to its current dweller. You must file your exemption before December 31st, 2019.
Homestead Exemptions can put thousands of dollars back in your pocket. The amount you’ll be granted is based on a simple calculation, in which the exemption is equal to the increase in your home’s current equalized assessed value (EAV), when compared to its EAV in 1977. Exemptions can be as high as $10,000 in Cook County and $6,000 in all other counties.
If you’ve already filed your exemption and you believe you did not receive the full value that you deserve, you can file a certificate of error from your county. Don’t lose out because of a technical error.
Previously a homeowner’s exemption renewed annually, this may no longer be the case! It is important to review your exemption status annually. Don’t miss the deadline; file your Homestead Exemption today!